Gaming platform

Polygon-based gaming platform FreshCut raises $15 million

From Justin Kan’s fractal to Kevin Lin’s Metatheoryformer Twitch executives continue to cause a stir on Web3.

Now, James Kuk, previously global head of business development and strategic partnerships at Twitch, is ready to take his Web3 FreshCut gaming platform to the next level. With $15 million in new funding in a round led by Galaxy Interactive, Animoca Brands and Republic Crypto, FreshCut continues to build out its short form video content platform, which is currently live in browser and of application.

PolygonHashed, “PUBG” co-founder CH Kim, NBA star Andre Igoudala and others also participated in the funding round.

FreshCut will be “watch and earn” and “create and earn”, which means that viewers and content creators can earn the platform’s FreshCut diamond ($FCD) token. FCD is based on Polygon and launched last week, but anyone looking to win will have to wait for FreshCut to launch their wallet integration this summer or complete “quests” on the FreshCut Discord server.

Image: Screenshots of the FreshCut iOS mobile app. Clips can be viewed in full screen.

The platform will also have a tipping and membership subscription feature, where viewers can use their FCD tokens to unlock additional benefits.

Tokenomics Fresh Cut

In an interview with DecryptKuk shared his perspective on Web3 tokenomics, saying that many projects haven’t locked their tokens long enough and allocated enough to their communities.

He wants to change that with FreshCut, whose token will also act as a governance token in a way, allowing holders to have a say in what happens on the platform.

“If you’re trying to build something that’s long-term and sustainable and has real value, it can’t be a flash in the pan,” Kuk said. “That’s why a lot of Web3s have a bad reputation. It’s about playing to win, winning your stuff, throwing your stuff away before everyone catches up and catches up… [but] it’s just bad for 1) gaming and 2) building for people. And that’s what it’s all about – it’s actually about people, not companies.

The FCD tokens held by the FreshCut team and its investors are in a one-year lock-up period and have a longer vesting period. FreshCut also allocates 50% of its tokens to its community.

“We will build forever,” Kuk said.

As for content, Kuk said FreshCut will be all about curating. He doesn’t want the app to have a chaotic feed filled with spam, clickbait, or low-quality video content.

The platform has already integrated around 200 content creators; Kevin Lin and longtime Twitch streamer Tucker”JERICHO“Boner is one of the FreshCut investors.

Twitch Partner and Axie Infinity streamer Brycent is an advisor for FreshCut. He said Decrypt via Twitter DM that in his view FreshCut is not a competitor to Twitch as FreshCut focuses exclusively on short form VOD (video on demand) content.

“DLive and Theta were great ideas, but it’s hard to get significant traction in the streaming space because most gamers are loyal to the ‘Big 2’ (Twitch and YouTube) for streaming,” said Brycent, referring to the space for decentralized video platforms. “I also don’t think a lot of gamers care about the decentralization of streaming; they just want to be entertained and spend time with friends. Game Moments (small clips) on the other hand, no one has owned this market.

When asked why he didn’t attempt to create FreshCut within Twitch, Kuk shared that Twitch has become more about “optimization” than “building.”

The current market downturn is also not affecting the FreshCut team. “I think the current recession is essential to weeding out a lot of the chaff from the wheat,” Kuk added.

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